The Minister of State for Power, Mr Goddy Agba says the Federal Government plans to spend 2.3 billion dollars on the first phase of the Presidential Power Initiative (PPI) projects aimed at increasing the nation’s power transmission capacity to 7,000MW.
According to Agba, the various interventions are grouped into phases with the near term objective being to increase the transmission capacity from the current level of just over 5,000MW to 7,000MW.
“The PPI is structured into various three phases, aimed at increasing power delivered to Nigerians to 7GW in first phase , 11GW in the second phase and 25GW in third phase.
“The project is to be executed at the cost of 2.3billion dollars forms the phase 1 of the PPI and is funded by a loan from a consortium of German Banks for 85 per cent of the contract sum; while 15 per cent counterpart funding is provided by the federal government.
“The SPV will warehouse the project’s contingent liability for accountability.
Agba said that the government was also implementing the Transmission Enhancement Programme with key development partners to improve the sector.
“The World Bank, AfDB, JICA have raised 1.6 billion dollars for Transmission Rehabilitation and Expansion Programme (TREP), which is ongoing now with major projects as follows:
“The Lagos/Ogun Transmission Infrastructure Project (JICA) with 200 million dollars, Abuja Transmission Ring Scheme (AFD)-170 million dollars and Northern Corridor Transmission Project (AFD & EU) with 274million dollars,” he said.
The minister commended the NEF team for its tenacity and vision in building the platform into a credible vehicle for the exchange of knowledge, skills, ideas and proffering solutions towards the development of the Nigeria Electricity Supply Industry (NESI).
Also speaking, Dr John Momoh, the Chief Executive Officer (CEO) Nigerian Electricity Regulatory Commission (NERC) said the new tariff put in place would address the challenge from stakeholders in power sector.
Momoh said that the regulatory body would be monitoring service providers to ensure that quality services were provided for customers.
He said that with the presidential intervention in metering, meters would be provided for enumerated customers in a year or two.
Mr Adeyemi Kings, the National Chairman, Nigerian Institute for Electrical and Electronics Engineer (NIEEE) said there should be more infrastructural development in the sector to meet the demand of increasing customers.
The Chief Executive Officer of University College Hospital (UCH), Prof. Abiodun Otegbayo said the slightest power interruption can affect the results of a laboratory test and also affect treatment in healthcare.
According to the CEO, we need uninterrupted power supply on our equipment, patients and operations.
He said that the healthcare required remarkable investments and investing in power challenges will assist the sector.
“Globally, the grand challenge is how to recover quickly from the COVID-19 outbreak.
“Sustainable energy solutions can facilitate economic growth at local, national and regional levels.
“However, lack of access to modern and affordable energy services can reverse development,” he said.
Mr Adekunle Makinde, former National Chairman, NIEEE and the Co-Chair of NEF 2020, had earlier said that efforts was being made to feature four top-class workshops on Power Africa Nigeria Power Sector Programme.
“We challenge all stakeholders to act together in exchanging knowledge, building capacity and initiating new business to accelerate the pace of recovery and sustainable energy development in Nigeria,” he said.
Edited By: Ali Baba-Inuwa
Short Link: https://wp.me/pcj2iU-3u2G
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